Determining optimal replacement age of beef cows in the presence of stochastic elements
1976
Bentley, E. | Waters, J.R. | Shumway, C.R.
Replacement theory has been applied to many durable productive assets in agriculture, but little analysis has focused on optimal beef cow replacement policies. this paper attempts to fill that void by adapting a replacement model based on an infinite planning horizon and incorporating stochastic elements to the brood cow replacement decision. the sensitivity of that decision to changes in several variables is examined.
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